Silver Spot Intraday: Watch Key Support at $24.00
Ming Lam August 3, 2020 9:57 AM
Intraday, Silver Spot keeps riding on a bullish trend line drawn from July 30...
Last Friday, the University of Michigan Consumer Sentiment Index (final reading) slipped to 72.5 in July, back near the coronavirus pandemic low.
At the weekend, top Democrats in Congress and the White House said they are not close to a deal concerning a new economic stimulus bill.
Therefore, economic uncertainties persist.
Meanwhile, the U.S. dollar has shown signs of a technical rebound.
So, how about Silver, which has even out-performed Gold recently?
On an Intraday 30-minute Chart, Silver Spot keeps riding on a bullish trend line drawn from July 30.
Source: GAIN Capital, TradingView
Though it is off a Recent High of $24.97 an ounce, it has managed to keep the Key Support Level of $24.00.
Unless this Key Level of $24.00 is breached, Silver is expected to revisit the high it recently touched.
However, in the opposite case of breaking below $24.00, the intraday bias will turn bearish, and Silver could only find support at $23.54 (a previous key resistance).
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.